When does a business be considered as self-bound?

The person managing its daily activities is also the owner

When the person hire someone with expertise to manage the business

Business that are being managed by others for the benefit of the owners

It is about the size of the business, but rather about the amount of capital.

How can you say that an entrepreneur is innovative?

When the entrepreneurs have bright business ideas and they do not stop improving and thinking of new worthwhile ideas for their business

When an entrepreneur takes taking a strategic, forward-thinking approach to problem-solving and decision-making and are more likely to succeed in the long run by anticipating challenges and opportunities

When an entrepreneur must have the personality to be obeyed by his employees.

When an entrepreneur must have the ability to be the first to see business chances.

Who is NOT consider as an entrepreneur and why?

Kathryn, because among the three of them she has the most successful career.

Andrea, because she is managing the business her parents started.

All of them can be consider as entrepreneur because they are earning money.

Julia, because she owns and manages her own business

What evidence supports that an individual is an entrepreneur? Justify your answer by stating the qualities he/she has?

Risk taker, she has the courage to pursue their business ideas despite adversities.

Good leader entrepreneur, she has the ability to lead others for the accomplishment of common goal

Imitating entrepreneurs. she does not create new things but only follow the ideas of other entrepreneurs.

Social entrepreneur, she initiates changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development.

What would be the alternative job of a business executive for him/her to be considered as an entrepreneur? How is that possible?

Business Consultant, he can be a very good source of advices to other entrepreneurs and would be business man.

Business Reporter, entrepreneur being expert in the field, he can be a very good source of information in business related news.

Social Entrepreneurs, initiate changes and drive social innovation and transformation in the various fields such as education, health, and convince customer to purchase a particular product or services.

Entrepreneurial Researcher, a person who combines scientific or technical expertise with entrepreneurial abilities to develop and market new goods, technology, or services is an entrepreneurial researcher

What does PESTEL represents?

Political, Economic, Sociocultural, Technological, Ecological, and Legal forces

Physical, Ecological, Segmentation, Technical, Economical, Local Forces

Psychological, Environment, Social, Topography, Economical, and Legal forces

Physical, Environmental, Segmentation, Technical, Economical, Local Forces

Geographic segmentation refers to:

Divided based on consumer behavior.

Divided in terms for customers think and believe.

Which of the following demonstrate indirect competition?

Fish and meat sold in the wet market

Pepsi and coke being sold in a grocery

Tuna and sardines sold in a grocery

Milk tea and iced coffee sold in cafeterias

What is the purpose of Environmental Forces Matrix?

It classifies the various environmental forces into their frequency of currents and level of effect to the existing or proposed.

It understand and analyze the gaps between the current business process and any future process that the business is shooting for.

It allows organizations to discover and evaluate the factors that may affect the business in the present and in the future

Helps entrepreneur to assess internal factors that might affect your business and external factors

Daniel is planning to establish his dried mango venture, however he is worried about the physical environment of his business. This greatly affect the cost of his product, considering physical resources, how should Daniel decided on the appropriate location for his product

The availability of raw materials to be utilized for the business is sufficient for long-term operation

The capital structure of a business impacts valuation positively in a balanced structure but lowers the company's value with a higher proportion of debt

Businesses need to understand these shifts to develop innovative products that align with current consumer needs and tastes

The number of competitor operating similar and substitute products.

How would you differentiate physical environment and social environment?

The physical environment of a business composed of all the physical assets and conditions that surround a business while social environment encompasses the immediate physical surroundings, social relationships, and cultural backgrounds within which the affected groups of people function and interact.

The physical environment of a business is composed of the immediate physical surroundings, social relationships, and cultural backgrounds within which the affected groups of people function and interact while the social environment is the physical assets and conditions that surround a business.

The physical environment of a business is the external environmental layer where the transit changes are easily and immediately felt by the business while the social environment is considered the immediate environment of the business where it conducts its various operation and activities.

The physical environment considered the immediate environment of the business where it conducts its various operation and activities while social environment is the beliefs, desires, values, and attitudes of consumers and public members.

How would you determine the appropriate political environment for aspiring entrepreneur to commence his/her business?

Fair and effective trade regulation and stable government system

Equitable environmental resources and regulations

Healthy and favorable competition which allows fair and free trade, providing equal opportunities for all

There are numerous suppliers that can provide that provide required materials, parts or services to the business

What would happen if an entrepreneur did not choose the appropriate suppliers of raw materials for the business?

They can adversely affect the production process by delaying the delivery of the required raw materials and supplies or services, or by providing defective materials or inefficient services.

The quality and quantity of goods, produce or services provided to the customers will be compromise due to lack of necessary manpower.

There will be inadequate sources of necessary funding for business operations.

This can lead to inflation, currency devaluation, and increased interest rates, which can make it more difficult for entrepreneurs to access credit and manage their finances.

How would you demonstrate geographic segmentation in determining the market needs?

The market is divided according to location, climate and/or density.

The market is divided in terms of what the customers think and believe.

The market is divided based on the demographic variables of the consumers.

The market is divided based on knowledge, perceptions and responses.

Why do you think demographic segmentation is the most convenient way of segmenting the market?

Because the information is relatively easily accessible and low-cost to obtain.

Because it audience based on behaviors they display allows you to create messaging that caters to those behaviors

Because it relates directly to how someone interacts with your brand or products.

Because you can identify consumers based on the characteristics of the area they live in

How would you differentiate demographic segmentation from geographic segmentation?

Geographic segmentation is dividing the market based on their location while demographic segmentation is dividing the audiences based on observable, people-based differences like age status and family size.

Geographic segmentation is dividing the market based on their perceptions and responses on the usability of a particular product while demographic segmentation is dividing the market based on their lifestyle, social classes and attitudes.

Geographic segmentation is dividing the market based on their lifestyle, social classes and attitudes while demographic segmentation is dividing the market based on their perceptions and responses on the usability of a particular product.

Geographic segmentation is dividing the audiences based on observable, people-based differences like age status and family size while demographic segmentation is dividing the market based on location.

Jenny prefers branded bags and expensive jewelries. He cannot go out of the house without make-up. If you are an entrepreneur and you want Jenny as your target consumer, what type of market segmentation will you apply?

It is psychologically segmented because it targets customers based on their lifestyle

It is geographically segmented because is located in a mall

It is demographically segmented because its target customers are middle age

It is behaviorally segmented because it decides customer based on their perception

What would you recommend to a customer who belonged to behaviorally segmented market?

Show the benefits of the products because it intend to serve the needs and wants of health-conscious customers

Expensive products because it intend to cater to the needs and wants of the upper class in the market.

School supplies because it cater the needs of the students

Meat and chicken meat because we have to consider the location of our target consumers

What is the function of research in entrepreneurship?

It provides the the advancement of knowledge is a basic feature which also is the goal of every productive individual.

It provides information regarding the popularity and effectiveness of advertising medium so that necessary corrective actions will be formulat

It helps founders and investors to understand the idea behind a campaign, and what methods can be applied in order to provide support.

It provides provide solutions to problems, sharpening the government’s foresight as to how to implement policies and other innovations.

How does evaluation of geographic market segmentation done?

By knowing the location of each segment

By knowing the capability of the business size and growth of the segment

By determining the comparing each segment of the market

By knowing the social class, number of family members of each segment.

What evidence supports that eyeglasses requires one-on-one marketing?

Because it is a product that is suited or fitted to the particular need of the consumers.

Because it selects only a few segments but intends to serve a large number of customers in the chosen segments

Because it covers several segments of the total market and designs a particular product for each segment based on the market segment evaluation and the capability of the business.

Because differentiate them according to their needs and wants but rather assumes that his/her product will cater to all types of customers in general.

What evidence supports the view that brand sensitive buyers are very particular with product brands?

Brand-sensitive consumers do not easily switch to another brand in the absence of their preferred brand in the market

Brand-sensitive consumer first check on the price of the product. If the price is too high for them, they immediately decide not to buy it.

Brand-sensitive buyers have variables involved in the buying decision process because the consumer makes a critical evaluation of the different variables

Brand-sensitive buyers equate high price with high quality and, inversely, low price with low quality, regardless of the brand. It is the price, therefore, that commands the quality and not the brand name

How would you formulate a product that caters for consumer with simple buying behavior?

Produce goods that are not highly price because consumers who simple buyers are mostly concerned with the price of the product

Provide valuable data of the product because consumer gather enough information about the features of the product that they intend to buy

Sell branded products because hey highly value branded products or those that have established a certain image in the market.

Sell low-cost products because they equate high price with high quality and, inversely, low price with low quality, regardless of the brand.

Which of the following represents the importance of marketing mix?

It improves profitable collaboration between departments and partners.

It increase a company's demographic reach and may help the company discover products or services they hadn't previously considered.

Identify targeted groups of consumers to tailor products and branding in a way that is attractive to the group.

It helps companies minimize risk by figuring out which products are the most likely to earn a share of a target market and the best ways to market and deliver those products to the market.

How would you evaluate that the product is its declining stage?

A downward sales as the product is no longer fulfilling a need or there are better options.

When there is a slow growth period following product launch

When there is fast growth phase once the product is established.

When there is a period of slowdown in sales as the product becomes universal in the market

How does competitors affect pricing?

The competitors will will give an industry benchmark for your pricing.

Price becomes more of a reflection of their costs, than a function of how to strategically increase a company's own profitability.

It governs how much a customer is willing to pay, which can influence the final price point.

The cost of producing a product or providing a service is a bottom-line consideration in pricing. However, the market demand for the product or service is equally fundamental.

What choice would you have made to promote your newly business – customized house interior design if you have limited marketing budget?

Below the line marketing because it targets specific groups of people with focus.

Above the line marketing because has a very wide scope and is mainly untargeted. It can be viewed in a national TV campaign where viewers across the nation see the same advert aired across the various networks.

Through the line marketing because it use of mass advertising forming a prospect or customer database, which can be implemented for direct marketing activities.

Which of the following can be classified under Umbrella Brand Approach? Why?

Canon produces cameras and printers and they carry different types of models for each product line.

Bear Brand Products include the different variations; sweetened condensed filled milk, sterilized milk, powdered milk and others.

Sunsilk provides different varieties and color of shampoo for different purposes

Colgate-Palmolive Philippines provides brand names to its various product lines like Ajax, Irish Spring, Axion

In marketing mix, what is the purpose of packaging?

Packaging lengthens lifespan, physically protects, preserve the freshness, and extends the usefulness of the product.

Packaging is also used to persuade customers that the product is better than competing products and to remind customers about why they may want to buy.

Packaging tells people about changes in products or brand’s policies. It also helps to describe the features and details of the products.

Packaging ensures that customers are aware of the existence and positioning of products.

ENTREP 3RD REVIEW

Authored by Maribel Personal

Other

12th Grade

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46 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who coordinates, operates, and assumes the risk of a business venture.

Innovator

Entrepreneur

Businessman

Coordinator

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What business term is synonymous to an Entrepreneur?

Customer

Client

Employee

Owner

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term refers to create new business through economic and innovative activities to turn new ideas to breakthrough solutions?

Entrepreneurship

Business Process Enterprise

Entreprendre

Business Enterprise

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following terms is the process/act of introducing new ideas, devices, or methods to an organization?

Technology

Modernization

Invention

Innovation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following terms refers to all activities involved in securing new and additional resources for your organization that involve making better use of, and maximizing, existing resources?

Innovation

Resource Mobilizing

Encountering risk and uncertainties

Opportunity seeking and exploitation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following phrases best describes an entrepreneur?

risk taker

conservative

old-fashioned

conventional

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following stimulate work development and employment opportunities?

Carries social advantages to the individuals

Improves personal satisfaction

Creating new job openings

Grow new markets

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